Providing perspective on the economics and politics of sports business in Florida...and the Rays' campaign for a new stadium in Tampa Bay.

Thursday, October 22, 2015

City Council Approves Rays Counteroffer - Most Important Takeaways

If the Rays want out of St. Pete, they now have a counteroffer from city council.

Proposed by councilman Jim Kennedy, a majority of city council signed off on a compromise that would allow the Rays to explore stadium sites across Pinellas & Hillsborough Counties if they agreed to pay St. Pete $4 million a year for every year they leave before the 2027 expiration of their current deal, plus a one-time $5 million redevelopment fee. If they moved out of the city, but remained in Pinellas County, those numbers would be reduced to $2.5 million and $2.5 million, respectively.

If the Rays threw out a first pitch in Tampa in 2019, they'd owe $41 million.

Here are some of the top takeaways from today's meeting:

Councilman Kennedy says #MLB, #Rays agreed to 30yrs on original deal & suggests they should pay real penalty if they want to break deal.

2 comments:

1. Propose/negotiate another offer?2. Resubmit the original MOU to the council?3. Negotiate a new stadium on the Trop. site with all those incentives (more public money)?4. Refuse the offer and wait until 2028 to move the team while refusing any development on the Trop. site in the meantime?